I read about this in the Herald and I'm interested if anyone went. It looks like a sign of the times, but surely this would be better if it were held on the weekend.
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Well it was a good concept but you could only get enough stock when the market is as it is at the moment. There didn't seem to be much desperation there though, they weren't mortgagee, vendors weren't offloading for less than market value.
In a time when it is getting increasingly hard to obtain finance you could argue a mass Auction would not be a successfull way of selling at all.
Not many of those purchaser would have had the ability to be U/C bidders.
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Originally posted by annaspanna View PostWell it was a good concept but you could only get enough stock when the market is as it is at the moment. There didn't seem to be much desperation there though, they weren't mortgagee, vendors weren't offloading for less than market value.
In a time when it is getting increasingly hard to obtain finance you could argue a mass Auction would not be a successfull way of selling at all.
Not many of those purchaser would have had the ability to be U/C bidders.
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Prime News:
Eight houses sold under the hammer out of the 100 offered.
Far too many for the market to absorb. The promoters should have remembered that nothing is more desirable than the unobtainable. That applies to real estate too.
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Originally posted by OllyN View PostPrime News:
Eight houses sold under the hammer out of the 100 offered.
Far too many for the market to absorb. The promoters should have remembered that nothing is more desirable than the unobtainable. That applies to real estate too.
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Just watched it on the news (yes, I’m back in this freezing cold bumpkin backwater of a country again). 8 out of 100 houses sold. Not good. But, 3 News really plugged the real-estate industry and interest rate drops.
Obviously, 3 News were not actually paying attention when they reported that 8 houses out of 100 sold during a highly publicized and well organized auction.
It's just not that hard to see what's really going on.
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Originally posted by Tucker View PostDoing 100 auctions in one day, in one venue, during a weekday, in this market was pretty stupid. To get any sort of bidding you needed two groups of people for each house so at least 200 buyers.
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